MANILA, July 20 (PNA) — The Korean parent company of listed Phoenix Semiconductor Philippines Corp. (PSPC) has secured over US$ 116 million in fresh capital from institutional investors that will be used to accelerate its growth strategy.
STS Semiconductor & Telecommunications Co., Ltd. (STS) filed a disclosure with the Korea Exchange (KRX) that reported the approval of its Board of the infusion of additional working capital by SFA Inc.
The working capital comprises convertible bond of about US$ 25.90 million, bonds with warranty of US$ 26.16 million, and issuance of capital shares of about US$ 64.27 million from STS unsubscribed capital stock.
“The financial commitment will serve to support the operational infrastructure of the company as it faces continued growth prospects,” PSPC said in a disclosure to the Philippine Stock Exchange.
STS and its Pampanga-based subsidiary PSPC expect positive growth with the capital infusion following a recent commitment from Samsung Electronics Co., Ltd. of continued business transactions with the company.
PSPC remains one of the largest outsourced assembly and test (OSAT) facilities in the region and has long been the preferred supplier of global electronics giant. (PNA)